Events such as festivals, concerts and fairs need to have the same types of insurance cover as any other business:
- Public Liability Insurance
- Employer’s Liability Insurance
- Business Interruption Insurance
- Property Insurance
- Professional Indemnity Insurance
Events that invite members of the general public to attend need to have specialised forms of these types of cover. For example, a headliner band that fails to appear for a concert is a different set of circumstances as far as business interruption insurance than if the electricity goes out for a few hours or a day at a retail shop. If the star attraction at a concert or fair fails to appear, the entire investment will most likely be lost. Specialised cover must be purchased to prepare for such a disaster.
Specialised public liability cover is also necessary for events at which members of the public will attend. Anyone who has ever organised such an event knows to prepare for the worst and hope for the best. Such a person most likely has a plaque or a sign in their office inscribed with Murphy's Law; "Whatever can go wrong, will go wrong." The more people that attend an event, the more likely it is that someone will be injured in one of the following ways, especially if alcoholic beverages are sold or served:
- Tripping and Falling
- Sexual Assault
- Flying or Falling Debris
The more an event is publicised, the more likely it will be that accidents will happen, from trips and falls to the entire event being rained off. This will mean that all of the vendors at the event will have grounds to file claims for loss of revenue or file suit. In the aftermath of September 11, 2001, as well as the many law enforcement agencies set limits on the number of people allowed to attend high profile events. Fortunately, there are insurance firms that have experience providing cover for fairs, festivals and concerts. They have actuaries who can realistically assess the risk at these events. Their rates can be easily compared and affordable quotes secured by providing a little information about a planned event.